Kodiak Sciences (NASDAQ:KOD) Shares Down 4.1% – Should You Sell?

Kodiak Sciences Inc. (NASDAQ:KOD)’s share price dropped 4.1% on Friday . The stock traded as low as $38.14 and last traded at $38.20. Approximately 260,887 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 847,945 shares. The stock had previously closed at $39.84.

Analyst Upgrades and Downgrades

KOD has been the subject of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Kodiak Sciences in a research report on Friday, July 10th. Chardan Capital upgraded Kodiak Sciences from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $14.00 to $61.00 in a report on Monday, May 11th. HC Wainwright reissued a “buy” rating and issued a $58.00 target price on shares of Kodiak Sciences in a research note on Monday, August 17th. Wall Street Zen cut Kodiak Sciences from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, JPMorgan Chase & Co. raised their price target on Kodiak Sciences from $56.00 to $66.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.14.

Kodiak Sciences Stock Performance

The firm has a market cap of $2.41 billion, a PE ratio of -9.15 and a beta of 2.21. The company’s 50-day simple moving average is $39.90 and its two-hundred day simple moving average is $35.47.

Kodiak Sciences (NASDAQ:KOD) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.09). On average, analysts expect that Kodiak Sciences Inc. will post -3.83 EPS for the current year.

Institutional Investors Weigh In On Kodiak Sciences

Several institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC purchased a new position in shares of Kodiak Sciences during the first quarter valued at approximately $188,000. Dynamic Technology Lab Private Ltd purchased a new stake in Kodiak Sciences in the first quarter worth $94,000. Jane Street Group LLC boosted its holdings in Kodiak Sciences by 441.3% in the first quarter. Jane Street Group LLC now owns 64,649 shares of the company’s stock valued at $181,000 after acquiring an additional 52,705 shares in the last quarter. American Century Companies Inc. boosted its holdings in Kodiak Sciences by 6.3% in the second quarter. American Century Companies Inc. now owns 79,745 shares of the company’s stock valued at $297,000 after acquiring an additional 4,703 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in Kodiak Sciences by 190.7% during the 2nd quarter. Federated Hermes Inc. now owns 244,231 shares of the company’s stock valued at $911,000 after purchasing an additional 160,225 shares during the period. Hedge funds and other institutional investors own 89.06% of the company’s stock.

About Kodiak Sciences

Kodiak Sciences, Inc is a clinical‐stage biopharmaceutical company headquartered in Palo Alto, California, that focuses on the discovery and development of novel therapies for retinal diseases. The company’s proprietary technology centers on antibody biopolymer conjugates (ABCs), which are designed to extend durability, enhance tissue penetration and improve the safety profile of existing therapeutic modalities. Kodiak’s research and development efforts target conditions such as wet age-related macular degeneration (wet AMD), diabetic macular edema (DME) and other serious ophthalmic disorders.

The lead product candidate in Kodiak’s pipeline is KSI-301, an anti-VEGF antibody biopolymer conjugate administered via intravitreal injection.